the public debt is deepened, the visions of the public debt as a phenomenon burdening the national economy, found in various schools of economics, are reviewed. It is demonstrated that the high internal and external dept in parallel with the respectively growing expenditure for its service is a pressing problem for Ukraine, calling for an urgent solution. This raises the need for seeking ways to improve the public debt management mechanisms. The article’s objective is to deepen the theoretical and methodological framework for assessment of the public debt in Ukraine and the budget expenditures for its service. It is demonstrated that the public debt in Ukraine results from the public budget deficit, high sovereign borrowing from internal and external sources. The econometric assessment of the time series on budget expenditures for debt service and repayment in Ukraine is given. The analysis of the public debt dynamics in Ukraine shows that not only the increasing volume of public debt and State-guarantee debt, but also the increasing budget expenditures on its service and repayment are dangerous. The high deficit of public budget is persisting, which growth is caused, inter alia, by the payment commitments. The expenditures on service and repayment of public debt constitute a large share in the public budget expenditures. Forecasting calculations made in the article demonstrate the upward tendency in the public budget expenditures on repayment and service of the public debt of Ukraine, thus signaling the growing threats to the budget security of Ukraine. The main factors for the rapidly increased debt burden in Ukraine over the latest years are identified: the considerable devaluation of domestic currency (Hryvnya), sharp drop in GDP, the shrinking internal consumer demand, etc. It is demonstrated that the risk of the increasing payments for service of public debt is an essential and chronic factor generating problems in public finances and affecting the budget security of Ukraine.
A system analysis of the core threats to the budgetary security of the state shows that the current performance of the budgetary system in Ukraine was formed under the pressure of destructive external and internal risks aggravating the budgetary security problem. The article’s objective is to deepen theoretical and methodological foundations for the assessment of core threats to the budgetary security of the state. It is demonstrated that the occurrence of external and internal threats to the budgetary security is characterized by the following tendencies: high level of GDP redistribution through the budgetary system; the growing figures of the total public debt, the government guaranteed debt and the payments to service and repayment of the public debt in Ukraine; the persisting high deficit of the public budget; high level of centralization of the budgetary funds. It is substantiated that the execution of budget revenues involves two main dimensions of risk activities, which are the threats related with the proceeding of taxes and other categories of obligatory payments to the budget, and the administrative threats stemming from the existing system of tax administering. The impact of the first group of threats can be minimized by building up a rational budgetary system with the optimal level of fiscal burden. Minimization of the impact from the second group of threats will enable for the effective work of government bodies charged with administering and control. The factors that cause risks and threats of budget losses resulting from failures in the budget revenues administration system are determined: risks which occurrence will result in the budget revenues never reaching the expected levels due to the inefficiency of forecasting and planning of budget revenues and failures in the routine operation process, first and foremost when mobilizing payments to the budget; risks of the excessive costs with the occurrence of which the costs for guaranteeing the projected figures of budget revenues by revenue category will exceed the economically viable ones; risks of the violation of the law, and risks of budget revenues administering per se.
It is justified that scientific studies of economic security at country level gain higher importance in the conditions of transformation. The processes concerned with the investment security are gaining special significance, because it is an important condition for the sustainable development of a country. An econometric assessment of the data on incoming foreign direct investment in the national economy and Investment Attractiveness Index of Ukraine is performed. The theoretical framework of the investment security and its strategic goals are investigated. The investment security mechanism is defined by the author as the system of organizational, economic, institutional and legal actions with impact on the domestic economic environment, intended to stimulate domestic and foreign investors to sustain the scopes of economic investment capable to guarantee the extended reproduction of the economy, protection of the national economic interests, effective location, prevention and liquidation of the threats to the investment security of a country. The theoretical construction of the investment security mechanism is defined; its underlying theoretical and methodological principles are extended. It is shown that the organizational and economic mechanism for the investment security represents a multilevel hierarchical system of causally linked organizational and economic mechanisms and their typical groups (entities, objects, principles, methods, instruments etc.), and the ways of their interactions that harmonize economic relations (interests) of the government and business entities and the whole society. It is demonstrated that the investment security needs to be based on the following principles: the elaborated strategy; the clearly formulated national economic interests; the classification of threats; the defined set of indicators and their marginal levels; the security assessment; the applications of tools, ways and methods to ensure security; the elaborated strategy of the investment security. The investment security mechanism is implemented with the goal of guaranteeing the national economic interest. It is shown that the next step in the study has to focus on indentifying the risks and threats to the investment security and building the mechanism for protecting the national interests of a country.
The necessity of intensification of research studies in the sphere of economic security of the state appears in Ukraine under the condition of the development of m arket relations. In this case, instrum ents of the improvement of the level of economic security in the budget sphere become very significant .The purpose of the article is to determine, concretize, and interpret budget interests and risks in the system of ensuring economic security of the state Results of the article are analyzed theoretical basis of economic security in the correlation w ith budget interests . It examines theoretical aspects of key elements of economic security in the budget sphere -budget interests and budgets risks . It proves th at categories 'budget interests' and 'budget risks' take up key positions in the theory of economic security As they play a leading role in the process of the strategy choice of its ensuring It determines the category 'budget interests' as the combination of budget needs of carriers of interests This fact is a driving force of budget activities entities, directed to getting definite benefits through the budget for providing the operation and possibility of the successful development of the society, state, juridical and natural persons It determ ines a budget need as the necessity in cost budget for the improvement and support of a definite level of an individual vital activity, social group, society, as well as the usual functioning of the state and juridical persons Key w ords: economic security, budget interests, budget risks, budget system, economic mechanism, institutional mechanism.
The purpose of the research is to study risks and potential sources of economic security threats, as well as available and necessary resources to neutralize them. Methods. It was used the following methods: comparative economic analysis, induction and deduction, summarizing, logical generalization, grouping, graphic expression of statistical data. Results. The quantity and dynamics of entered foreign investments in Ukraine were analyzed during the last several years, investment attractiveness was evaluated based on international ratings. Assess of crisis situations is related to the identification and analysis of real and potential threats to economic security in its various segments and their impact attraction of direct foreign investments to the Ukrainian economy. The real fall of Ukraine's GDP and, as a consequence, the lowered asset values significantly limits the provision due to the economies of other components of national security as well as investment attractiveness of the country. Classification of threats to budget security based not only on their distribution in groups depending on various characteristics, but also the gradation of these groups according to their importance for economic development (this approach allows to identify and neutralize threats that pose the greatest danger to the economy). Practical meaning. It was justified, that for further improvement of the investment attractiveness of Ukraine, it is necessary to ameliorate legal and organizational base to guarantee the State economic security to provide favorable investment climate and develop competiveness of the national economy. Prospects for further research can be in the development conceptual basis of investment security of Ukraine taking into account the challenges and threats of globalization.
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